If you are worried about the safety of your cryptocurrencies on a centralized exchange and you want better security on cryptocurrency exchanges than here is the article for you.
Keep in mind that cryptocurrency exchanges are not doing good with security even though they are mostly used. As a matter of fact, the Bitfinex and Mt. Gox hacks prove the fact stated above.
However, even though decentralized crypto economy’s basic tenants are violated by the centralized exchanges, we must use them.
We are forced to do so because the decentralized exchanges and decentralized cryptocurrency infrastructure are yet to be built.
Decentralized exchanges give the user not only the safety of their funds but also peace of mind.
Until the significant infrastructure is built, here is a TOP 5 best decentralized exchanges that you can use at the moment.
With the popular decentralized exchange IDEX you can easily trade ERC-20 tokens and compared to EtherDelta it is a more user-friendly alternative.
- It offers a cleaner order book
- It gives you access to analysis tools
- In order to strengthen your security, IDEX will be using it in combination with a wallet like Ledger Nano S or MetMask.
- At the moment of writing, you can exchange a maximum of 360 BTC
Waves cryptocurrency has its own decentralized exchange called Waves Dex which accelerates the process of exchange and provides you with control over your fund.
Waves Dex allows you to keep a foot in the decentralized world and one in the centralized world, so you will not miss out on anything.
At the moment of writing you can exchange a maximum of 187 BT but it still pretty good for such an app.
OpenLedger, the Denmark based blockchain gives you decentralized solutions in the crypto market.
OpenLedger Dex is their decentralized exchange and to cater BitShare’s services it leverages its graphene technology.
If you want to open an OpenLedger account, you will not need neither a KYC or any registration. Keep your username and password safe as they are the only ones that can help you with any issue. This is an example of a password: P5K1qu91RAGxbc2xnH9sKvhCb31ocokr1XEKLmVXfBQFP.
At the moment of writing, you can only exchange a maximum of 320 BTC.
A recently launched decentralized crypto exchange is CryptoBridge which runs on BitShares Network’s top. It gives you the most security because you are the only person to have access to your funds as an owner of the private keys.
What makes it different from the other decentralized exchanges:
- BridgeCoin is its native BCO token.
- You can share 50% revenue with BCO HODlers, and it allows staking.
- Its federated servers do not allow any failure.
To log in you will only need the automatically generated password and the username chosen by you.
At the moment of writing the maximum amount you can exchange is 201 BTC.
MakerDao comes with another decentralized exchange, the Oasis Dex. Using it you will be able to buy cryptocurrencies, but you should not try this yet because it is in the testing period. The three cryptocurrencies pairs allowed are MKR/DAI, ETH/DAI, and MKR/ETH. To these pairs, it gives you an impressive volume.
To access this exchange follow these steps:
- Go on MerMAsk
- Make an account
- Why? Because it is an Ethereum DApp
At the moment of writing, you can exchange a maximum of 90 BTC.
WARNING: With all these decentralized exchanges you will need your private keys, password, and phrase to restore your funds to keep them safe.
Vadim has been a fan of decentralized systems, blockchain technology, and cryptocurrency since he first bumped into these concepts back in 2011. For us, he will cover Bitcoin (BTC), cryptocurrency, and blockchain technology news.